Bank Nifty Trading Strategy for 15th Sep'2020
#banknfity OI up by 24.03% and price down by -1.68%, which indicates shorts were build up today in the index.
Contra to popular move in the last few days, the last 30 min didn't show short covering but long unwinding, which is bad for the market.
The uptrend channel which started on 16th June (19,507), first-time for the last 3 months, we have given a closed below this channel, which is a very bearish signal.
Further weakness will crip in below, 21,850, and can result in panic selling for a target of 21,300.
Trading Strategy:- I will go into trading with a neutral mindset and will take a position based on the current setup of the market.
I will be bearish if 22,050 breaks for a target of 21,850 / 21,600 /21,300.
I will be bullish above 22,400 for a target of 22,550 / 22,750 / 22,850 / 23,150.
Trend deciding levels are 22,465, below is bearish, and above is bullish.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Contra to popular move in the last few days, the last 30 min didn't show short covering but long unwinding, which is bad for the market.
The uptrend channel which started on 16th June (19,507), first-time for the last 3 months, we have given a closed below this channel, which is a very bearish signal.
Further weakness will crip in below, 21,850, and can result in panic selling for a target of 21,300.
Trading Strategy:- I will go into trading with a neutral mindset and will take a position based on the current setup of the market.
I will be bearish if 22,050 breaks for a target of 21,850 / 21,600 /21,300.
I will be bullish above 22,400 for a target of 22,550 / 22,750 / 22,850 / 23,150.
Trend deciding levels are 22,465, below is bearish, and above is bullish.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
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